Posted: December 10, 2024

• The Movement airdrop distributed 1 billion tokens to early participants.
• Rising trading volume and heavy demand meant MOVE is set for further gains.

Movement [MOVE] saw a rapid price spike in recent hours, soaring almost 60% within a day of going live. The MOVE crypto is an Ethereum [ETH] Layer-2 scaling solution that uses the Move Virtual Machine.

Using MoveVM, transactions on Ethereum can be settled with a one-second finality. In an interview, Rushi Mande, co-founder of the Move Network Foundation, said, ” Move is a phenomenal language, very secure, high throughput.”

He added that two major requirements for its success were a vibrant ecosystem and a community loyal to the chain.

Airdrop spiked Movement interest, prices

The Movement Network Foundation launched MOVE on Monday, the 9th of December, offering 10% of the total supply to initial claims. These claimants were eligible communities and participants who completed transactions and quests on the Movement testnet.

This meant $830 million were up for grabs, a value that is now closer to $1 billion.

MOVE crypto also went live on one of the most popular crypto exchanges, Binance, on the 9th of December. It had a market cap of $1.6 billion when trading began.

Users who had subscribed their BNB to the exchange’s products from the 2nd to the 5th of December were eligible for the airdrop which went to their spot wallets.

MOVE crypto poised for more gains

The 30-minute timeframe showed that the $0.89 level was a strong support level. The momentum on the RSI has been primarily bullish. The rising OBV also highlighted heavy demand in recent hours.

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Though the price action data is limited, the evidence at hand showed that MOVE crypto is firmly bullish in the short-term. It could see a retest and consolidation at the $0.9 level before climbing higher in the coming days.

Beyond the local high at $1.31, the next targets for the bulls were at $1.47 and $1.74.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion